Rating

Steelworkers from Indiana, Illinois will hold Solidarity Rally for LTV workers
Steelworkers at LTV represented by USWA Local 1011, in East Chicago, will hold a Solidarity Rally 3:00pm, June 14th at Marktown Park in East Chicago, IN.
Were frustrated, said Eddie Gonzalez, Trustee of Local 1011, explaining why the rally is being held. We worked hard, played by the rules and produced the billions of dollars that top management squandered away. Then, after they pay themselves millions of dollars in bonuses they tell the workers to give massive concessions  or else.
LTV is in trouble for the same reason the 18 other steel companies are in bankruptcy - a huge flood of illegally dumped foreign steel. LTV is in particually bad shape because of a series of incredible management blunders.
They wasted $250 million on the now shutdown TriCo. They blew $84 million on a DRI plant in Trinidad. They lost hundreds of millions on ill conceived investment plans. They overpaid by $200 million for the purchase of Copperweld, according to Dennis Henry, President of USWA Local 1011, adding. This management has wasted billions that would have allowed it to weather the current storm. Then paid themselves millions in bonuses that are protected from the bankruptcy they caused. Now they want us to pay the bill.
LTV is willing to throw the retirees to the wolves to keep their bonuses! said Jim Robinson Assistant Director of USWA District 7, This rally is to show them that that thinking is just another one of their multi-million dollar mistakes.
Speakers at the rally will include clergy, local politicians, and spokespeople from other unions.
-30-